On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. What should Knights, Inc....
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. What should Knights, Inc. record on 6/26 (Select ALL that apply)?
Debit Deferred Revenue
Credit Cash
Credit Accounts Receivable
Debit Service Revenue
Credit Deferred Revenue
Credit Accounts Payable
Debit Accounts Payable
Debit Accounts Receivable
Credit Service Revenue
Debit Cash
Homework Answers
Solution:
The Correct answers are Debit Accounts Receivable , Credit Service revenue.
As sales are made on account , the journal entry for the transaction is
Accounts receivable Dr $1,500
Service revenue Cr $1,500.
No cash is received yet.
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On 6/26 Knights, Inc. sold $1,500 in services to SGA on account.
What should Knights, Inc....
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. What should Knights, Inc....
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. What should Knights, Inc. record on 6/26 (Select ALL that apply)? Debit Deferred Revenue Debit Service Revenue Debit Accounts Receivable Credit Service Revenue Credit Cash Credit Accounts Receivable Debit Accounts Payable Credit Deferred Revenue Debit Cash Credit Accounts Payable
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. On 8/31 Knights, Inc....
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. On 8/31 Knights, Inc. received the $1,500 cash payment from SGA for the services provided in June. What should Knights, Inc. record on 8/31 (Select ALL that apply)? Debit Accounts Receivable Debit Accounts Payable Debit Cash Credit Accounts Payable Debit Service Revenue Debit Deferred Revenue Credit Service Revenue Credit Deferred Revenue Credit Cash Credit Accounts Receivable
Question 29 4.75 pts On 6/26 Knights, Inc. sold $1,500 in services to SGA on account....
Question 29 4.75 pts On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. On 8/31 Knights, Inc. received the $1,500 cash payment from SGA for the services provided in June. What should Knights, Inc. record on 8/31 (Select ALL that apply)? Credit Cash Credit Deferred Revenue Debit Service Revenue Credit Service Revenue Debit Accounts Payable Credit Accounts Payable Debit Accounts Receivable Credit Accounts Receivable Debit Cash Debit Deferred Revenue 4.75 pts
Question 33 4.75 pts On 7/1, The Lemonade Stand bought $1,500 of lemons on account from...
Question 33 4.75 pts On 7/1, The Lemonade Stand bought $1,500 of lemons on account from Whole Fruits. What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $1,500 Debit Inventory for $1,500 Credit Accounts Receivable for $1,500 Debit Revenue for $1,500 Debit Accounts Payable for $1,500 Credit Revenue for $1.500 Debit Accounts Receivable for $1,500 Credit Accounts Payable for $1,500 Debit Cash for $1,500 Credit Inventory...
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be...
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7? Multiple Choice Debit cash $10,200, credit deferred revenue $10,200 Debit accounts receivable $10,200, credit service revenue $10,200 o Debit cash $10,200, credit service revenue $10,200 o Debit deferred revenue $10,200, credit cash $10,200
Consider the recorded transactions below. Credit Debit 9,000 1. Accounts Receivable Service Revenue 9,000 1,500 2....
Consider the recorded transactions below. Credit Debit 9,000 1. Accounts Receivable Service Revenue 9,000 1,500 2. Supplies Accounts Payable 1,500 8,600 3. Cash Accounts Receivable 8,600 4. Advertising Expense Cash 1,000 1,000 5. Accounts Payable Cash 2,100 2,100 6. Cash Deferred Revenue 1,100 1,100 Required: Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is: Cash, $1,800; Accounts Receivable, $2,600; Supplies, $240; Accounts Payable, $1,900; Deferred Revenue,...
ntity G rendered $1,400 of services to a customer on account. The journal entry to record...
ntity G rendered $1,400 of services to a customer on account. The journal entry to record this transaction will include a debit to Cash of $1,400. a debit to Service Revenue of $1,400. a debit to Accounts Receivable of $1,400. a credit to Accounts Payable of $1,400.
1) Entity G rendered $1,400 of services to a customer on account. The journal entry to...
1) Entity G rendered $1,400 of services to a customer on account. The journal entry to record this transaction will include a credit to Accounts Payable of $1,400. a debit to Service Revenue of $1,400. a debit to Cash of $1,400. a debit to Accounts Receivable of $1,400. 2)
Multiple choice. Herschel Inc. provided lanscaping services to $5,600. The customer was billed for the services....
Multiple choice. Herschel Inc. provided lanscaping services to $5,600. The customer was billed for the services. What journal entry should Herschel Inc. record? A) Debit Accounts Receivable 5,600; Credit Landscaping Revenue 5,600 B) Debit Cash 5,600; Credit Landscaping Revenue 5,600 C) Credit Landscaping Revenue 5,600; Debit Accounts Receivable 5,600 D) Debit Landscaping Revenue 5,600; Credit Cash 5,600
Mathews Company receives $1,500 on December 1 of the current year for services to be performed...
Mathews Company receives $1,500 on December 1 of the current year for services to be performed equally over the next 3 months. Assuming Mathews records deferred revenues using the alternative treatment, what would be the entry on December 1? O A. Debit Cash and credit Unearned Revenue for $1,500. B. Debit Cash and credit Unearned Revenue for $1,000. C. Debit Cash and credit Service Revenue for $500. OD. Debit Cash and credit Service Revenue for $1,500,
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. What should Knights, Inc. record on 6/26 (Select ALL that apply)? Debit Deferred Revenue Debit Service Revenue Debit Accounts Receivable Credit Service Revenue Credit Cash Credit Accounts Receivable Debit Accounts Payable Credit Deferred Revenue Debit Cash Credit Accounts Payable
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. On 8/31 Knights, Inc. received the $1,500 cash payment from SGA for the services provided in June. What should Knights, Inc. record on 8/31 (Select ALL that apply)? Debit Accounts Receivable Debit Accounts Payable Debit Cash Credit Accounts Payable Debit Service Revenue Debit Deferred Revenue Credit Service Revenue Credit Deferred Revenue Credit Cash Credit Accounts Receivable
Question 29 4.75 pts On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. On 8/31 Knights, Inc. received the $1,500 cash payment from SGA for the services provided in June. What should Knights, Inc. record on 8/31 (Select ALL that apply)? Credit Cash Credit Deferred Revenue Debit Service Revenue Credit Service Revenue Debit Accounts Payable Credit Accounts Payable Debit Accounts Receivable Credit Accounts Receivable Debit Cash Debit Deferred Revenue 4.75 pts
Question 33 4.75 pts On 7/1, The Lemonade Stand bought $1,500 of lemons on account from Whole Fruits. What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $1,500 Debit Inventory for $1,500 Credit Accounts Receivable for $1,500 Debit Revenue for $1,500 Debit Accounts Payable for $1,500 Credit Revenue for $1.500 Debit Accounts Receivable for $1,500 Credit Accounts Payable for $1,500 Debit Cash for $1,500 Credit Inventory...
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7? Multiple Choice Debit cash $10,200, credit deferred revenue $10,200 Debit accounts receivable $10,200, credit service revenue $10,200 o Debit cash $10,200, credit service revenue $10,200 o Debit deferred revenue $10,200, credit cash $10,200
Consider the recorded transactions below. Credit Debit 9,000 1. Accounts Receivable Service Revenue 9,000 1,500 2. Supplies Accounts Payable 1,500 8,600 3. Cash Accounts Receivable 8,600 4. Advertising Expense Cash 1,000 1,000 5. Accounts Payable Cash 2,100 2,100 6. Cash Deferred Revenue 1,100 1,100 Required: Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions is: Cash, $1,800; Accounts Receivable, $2,600; Supplies, $240; Accounts Payable, $1,900; Deferred Revenue,...
Mathews Company receives $1,500 on December 1 of the current year for services to be performed equally over the next 3 months. Assuming Mathews records deferred revenues using the alternative treatment, what would be the entry on December 1? O A. Debit Cash and credit Unearned Revenue for $1,500. B. Debit Cash and credit Unearned Revenue for $1,000. C. Debit Cash and credit Service Revenue for $500. OD. Debit Cash and credit Service Revenue for $1,500,
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